Ripple price analysis: XRP/USD recovers from $0.2500, still under pressure

Ripple’s coin has recovered from the recent lows, but the recovery is limited.

The bearish trend remains dominant as long as XRP stays below $0.2600.

Ripple’s XRP, the third-largest digital asset with the current market capitalization of $10.8 billion, has recovered from the intraday low of $0.2211 and settled at $0.2530 by the time of writing. Despite the recovery, XRP/USD stays down 1.4% on a day-on-day basis.

Technical picture

XRP/USD stopped within a whisker of $0.2500, which is the lower boundary of the mid-term channel. This barrier is strengthened by the lower line of the four-hour Bollinger Band. Once it is broken, the upside is likely to gain traction with the next focus on $0.2470 (September 6 low and the lower line of one-day Bollinger Band). The next support awaits us on approach to $0.2400, which is the lowest level in a month.

On the upside, the initial resistance is created by $0.2540. It is created by the short-term sloping trend-line. A sustainable move below this handle will improve the technical picture and allow for further recovery towards $0.2600. This is the upper border of the recent consolidation channel coupled with the middle line of one-day Bollinger Band. However, SMA100 (Simple Moving Average) and SMA200 on one-hour timeframe might slow down the upside momentum and push the price back towards the recent support level.

XRP/USD, one-hour chart

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Editors’ Picks

Bitcoin is trading between the Simple Moving Averages support and resistance. The 100 SMA on the four-hour chart is offering support at $10,149 while on the upside the 50 SMA will limit movement at $10,364.

Speaking in the interview with CNN, Garlinghouse confessed that Ripple was the largest owner of XRP tokens, and thus the most interested party in the success of the project. Meanwhile, selling XRP onto the market does not qualify as the best success strategy.

The cryptocurrency market situation has barely changed in recent 24 hours. Bitcoin and the majority of altcoins out of top-20 managed to recover during late Thursday hours; however, no major breakthroughs happened.

IOTA has defied the broad-based bear pressure to post a subtle 1.3% increase in value on the day. Prior to the impressive correction on Monday, IOTA was consolidating above the short-term support at $0.2350. The initial recovery from the recent low at $0.2268 failed to break the resistance $0.25.

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